§ 5-16. When do the rules on co-debtors apply?
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The text of the law (unofficial translation)
§ 5-16. Scope of the rules on co-debtors
What does this mean?
This section determines when the special rules on co-debtors (people who are jointly liable for a loan) apply. The condition is that several people take out the loan jointly, and that at least one of them is a consumer. The rules are found in §§ 5-17 to 5-21.
They deal with liability for the debt and credit assessment (kredittvurdering) (§ 5-17), the bank's duty to notify (§ 5-18), the co-debtor's right to information (§ 5-19), release of security (§ 5-20) and reduction of liability (§ 5-21). If none of the borrowers is a consumer, they do not apply.
Related sections
- § 5-17Co-debtors: who is liable for how much, and credit assessment
- § 5-18The bank's duty to notify co-debtors
- § 5-19The co-debtor's right to information
- § 5-20Release of security for joint loans
- § 5-21When the co-debtor's liability for the debt is reduced